Germany leads the way as it becomes the first nation to accept Bitcoin.

Bitcoin has begun to impact on the global financial markets as the German treasury announced that the currency is now recognised. According to German newspaper Frankfurter Allgemeine Zeitung, the virtual currency is legally and fiscally approved and "as a unit of account."

The move came as Frank Schaeffler, a deputy of France’s finance committee, announced it would be approved after he queried the national Finance Ministry.

"For the first time, the federal government recognises Bitcoins as private money," said Schaeffler.

Under Bitcoin’s recognition, as much as 25 percent of commercial profits made through the digital currency's transactions may be taxable; however, personal transactions are tax-free. The unforeseen move suggests that other nations may begin to take a similar approach to the "crypto-currency," which the company hopes will make way for a "wide range of possibilities for years to come."